Relational phrases (e.g., “got married to”) and their hypernyms (e.g., “is a relative of”) are central for many tasks including question answering, open information extraction, paraphrasing, and entailment detection. This has motivated the development of several linguistic resources (e.g. DIRT, PATTY, and WiseNet) which systematically collect and organize relational phrases. These resources have demonstrable practical benefits, but are each limited due to noise, sparsity, or size. We present a new general-purpose method, RELLY, for constructing a large hypernymy graph of relational phrases with high-quality subsumptions using collective probabilistic programming techniques. Our graph induction approach integrates small highprecision knowledge bases together with large automatically curated resources, and reasons collectively to combine these resources into a consistent graph. Using RELLY, we construct a high-coverage, high-precision hypernymy graph consisting of 20K relational phrases and 35K hypernymy links. Our evaluation indicates a hypernymy link precision of 78%, and demonstrates the value of this resource for a document-relevance ranking task.